DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco to the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, the government said on Sunday.
The nearly $80 billion worth of shares will bolster the PIF’s strong financial position and high credit ratings in the medium term, the crown prince said in a statement. The fund is the prince’s vehicle of choice to transform the Saudi economy and diversify away from oil revenues.
The state remains the largest shareholder in Saudi Aramco after the transfer process, as it retains more than 94% of the company’s shares, the statement said.
